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6/19, 5:03 PM (Source: TeleTrader)
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Oil gains after EIA reports decrease in inventories

Prices of crude oil futures moved back to the green after a fall on Wednesday as the United States Energy Information Administration (EIA) reported a decrease in oil inventories by 3.1 million barrels to 482.4 million in the week ending June 14. Hopes that the US and China are approaching a trade deal after President Donald Trump announced a meeting with Chinese counterpart Xi Jinping also affected the sentiment. The US president also said that the talks are resuming today.

Yesterday's data from the American Petroleum Institute (API) showed American stockpiles fell by 812,000 barrels last week.

West Texas Intermediate deliveries for July were up by 0.18% at 4:49 pm CET to $54.18 per barrel, as Brent deliveries for August added 0.08% to sell for $62.36 per barrel at 4:53 pm CET.

Breaking the News / NI